Analog Devices (NASDAQ:ADI) Updates Q3 2023 Earnings Guidance

Analog Devices (NASDAQ:ADI – Get Rating) issued an update on its third quarter 2023 earnings guidance on Friday morning. The company provided earnings per share guidance of $2.42-$2.62 for the period, compared to the consensus earnings per share estimate of $2.65. The company issued revenue guidance of $3.00 billion-$3.20 billion, compared to the consensus revenue estimate of $3.16 billion.

Analog Devices Price Performance

Shares of NASDAQ ADI opened at $172.39 on Friday. Analog Devices has a fifty-two week low of $133.48 and a fifty-two week high of $198.24. The firm’s 50-day simple moving average is $186.11 and its 200 day simple moving average is $176.80. The company has a quick ratio of 1.50, a current ratio of 1.79 and a debt-to-equity ratio of 0.18. The stock has a market cap of $87.20 billion, a P/E ratio of 24.42, a P/E/G ratio of 1.33 and a beta of 1.15.

Analog Devices (NASDAQ:ADI – Get Rating) last issued its quarterly earnings results on Wednesday, May 24th. The semiconductor company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.75 by $0.08. Analog Devices had a net margin of 28.16% and a return on equity of 15.27%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period in the previous year, the business earned $2.40 earnings per share. Analog Devices’s revenue for the quarter was up 9.8% compared to the same quarter last year. Equities analysts expect that Analog Devices will post 10.65 EPS for the current year.

Analog Devices Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Monday, June 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, June 2nd. Analog Devices’s dividend payout ratio (DPR) is presently 48.73%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Credit Suisse Group boosted their price target on shares of Analog Devices from $185.00 to $225.00 and gave the stock a buy rating in a research report on Thursday, February 16th. The Goldman Sachs Group lifted their price target on Analog Devices from $186.00 to $210.00 and gave the stock a buy rating in a research note on Thursday, February 16th. StockNews.com raised Analog Devices from a hold rating to a buy rating in a research note on Wednesday, May 17th. Susquehanna dropped their price target on Analog Devices from $225.00 to $215.00 in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on Analog Devices from $190.00 to $185.00 in a research note on Thursday. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Analog Devices presently has a consensus rating of Moderate Buy and a consensus price target of $208.17.

Insider Buying and Selling

In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the business’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the sale, the chief financial officer now directly owns 23,871 shares in the company, valued at approximately $4,464,115.71. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director James Champy sold 1,495 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total transaction of $277,232.80. Following the completion of the transaction, the director now directly owns 6,371 shares in the company, valued at $1,181,438.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the transaction, the chief financial officer now owns 23,871 shares of the company’s stock, valued at $4,464,115.71. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State Street Corp raised its stake in shares of Analog Devices by 1.2% in the first quarter. State Street Corp now owns 20,404,008 shares of the semiconductor company’s stock valued at $4,024,078,000 after purchasing an additional 238,249 shares in the last quarter. Norges Bank acquired a new position in shares of Analog Devices in the fourth quarter valued at $1,040,194,000. Morgan Stanley raised its stake in shares of Analog Devices by 16.1% in the fourth quarter. Morgan Stanley now owns 5,988,806 shares of the semiconductor company’s stock valued at $982,344,000 after purchasing an additional 830,281 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Analog Devices by 101,479.6% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,111,943 shares of the semiconductor company’s stock valued at $674,482,000 after purchasing an additional 4,107,895 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Analog Devices by 28.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,215,510 shares of the semiconductor company’s stock valued at $527,440,000 after purchasing an additional 703,708 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Company Profile

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.